US and Egypt Sign $125 Million Economic Agreement

The United States and Egypt have signed their first bilateral Strategic Objective Agreement for Advancing Mutual Prosperity, committing $125 million in U.S. funding for an initial round of economic cooperation. The agreement was announced November 4 by U.S. Embassy Chargé d’Affaires Robert Silverman and Egyptian Foreign Minister Badr Abdelatty. The U.S. Embassy said the agreement is intended to support economic modernization in Egypt, promote private-sector growth in both countries and expand opportunities for American businesses in the Egyptian market. The funding is for the first round; Egyptian Deputy Foreign Minister Samar Al Ahdal said the U.S. contribution could reach $625 million over five years. Egyptian Foreign Ministry spokesman Nader Zaki said the framework aims to improve water, energy and infrastructure systems, including through U.S. institutional and technological innovations. Other stated objectives include modernizing education, health care and governance, developing professional skills and creating jobs. Priority areas include water management, artificial intelligence, energy and food security through science-based agriculture. The signing ceremony took place...